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[Terry Allison]

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In Deficit Debate, Principles Do Matter
Original article at Real Clear Markets
By Investors Business Daily
July 22, 2011

First Things. Plans to solve our out-of-control debt problem keep proliferating. But amid the welter of competing forecasts and estimates, Republicans should remember, your principles matter more than the numbers.

As the clock ticks down on their phony deadline for concluding deficit talks, the Democrats have lost all the public debates over more spending and higher taxes.

So their only hope is to manufacture a fake crisis, such as the supposed default date of Aug. 2, and with the medias help, force Republicans to agree to a bad deal.

It would not be the first time.

In 1990, President Bush engaged in crisis talks over deficits. He broke his no-new taxes pledge, agreeing to a deal that included 2 dollars in spending cuts for every 1 dollar in tax hikes. Bush lost his job, and it took three years and a new Congress to undo the economic damage.

Today, in the meat grinder that is Washington politics, pressure will inevitably grow for a fair and balanced deal, that is, for the GOP to capitulate. Republicans should stay true to these conservative principles

No new taxes. The economys expansion and jobs recovery is the worst since the Depression. More than two years after the recessions end, we still have 9.2 percent unemployment, and close to 30 million willing workers who can not find full-time jobs.

As such, hiking taxes by 1 trillion dollars to more than 3 trillion dollars over the next 10 years, as Obama has suggested, is unconscionable. It would do lasting damage to our economy and perhaps even cause a new recession.

Government must get smaller. President Obama and the Democrat-led Congress have expanded the scope and reach of the federal government to unprecedented levels, thanks to, ObamaCare, Dodd-Frank, stimulus, government takeovers of GM and Chrysler, a no-drill, green energy policy, and TARP.

Democrats now want to make this expanded superstate permanent, turning the U.S. into another debt-ridden, stagnant colossus, like Europe or Japan. From 20 percent of GDP just five years ago, the federal government today spends 25 percent of all U.S. output. By 2035, without entitlement reform, it will hit 35 percent or higher.

Enough. Big Government should not take 1 dollar or more out of every 4 dollars the private economy creates. Any deal to raise the 14.3 trillion dollar debt ceiling must shrink government below its long-term average of 20 percent of GDP.

The debt must shrink. That it has spiked from 9.8 trillion dollars in 2008 to 14.3 trillion dollars now is alarming. A 2010 study of 20 rich countries by economists Carmen Reinhart and Ken Rogoff found that a nation starts to struggle when its debt-to-GDP ratio rises above 90. Ours is now above 100 percent, putting us in the same company as Greece, Italy, Ireland, Spain and Portugal.

GOP negotiators should keep these basic budget principles in mind If not, they all find, as Bush did, that American voters have long, unforgiving memories.

Another Alternative and a Better Choice. Work at Home.
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Terry L. Allison, Sr.
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